Atome, a Singapore-based digital consumer financing platform, has joined forces with TikTok Shop to revolutionize the e-commerce landscape in Malaysia.

This strategic partnership enables businesses of all sizes, but particularly young entrepreneurs and small and medium enterprises (SMEs), to harness the potential of online shopping and foster economic growth in the country, Atome said in a statement on Friday.

“This partnership between TikTok Shop and Atome signifies a milestone in the e-commerce landscape in Malaysia, heralding a new era of convenience, accessibility, and growth for businesses and consumers alike,” said William Yang, Head of Commercial of Atome.

“By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive ecommerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs in Malaysia while also providing consumers with the choice, convenience and flexibility of how they want to shop and pay,” he added.

According to the statement, Malaysia’s e-commerce industry has experienced tremendous growth in recent years, with a surge in digital adoption and changing consumer behavior.

Cited Statista, it said online shopping in Malaysia is projected to exceed MYR 84 billion ($18.42 billion) by 2025.

It said this trend not only signifies a shift in consumer preferences but also presents a significant opportunity for local businesses to thrive in the digital marketplace.

It said that Atome’s “buy now, pay later” service offers consumers the flexibility to make purchases and spread deferred payments over three or six months.

With Atome live as a payment option on TikTok Shop in Malaysia, it said consumers can enjoy an enhanced online shopping and checkout experience.

With TikTok Shop’s innovative social commerce features and Atome’s convenient payment solution, it said entrepreneurs can leverage the power of e-commerce to expand their reach and drive sales growth.

“TikTok Shop is about elevating the shopping experience for consumers and providing brands and small businesses with opportunities to drive growth – all of which is done by bringing together content and commerce,

“Through this partnership with Atome, TikTok Shop enables merchants and small businesses to offer their customers a convenient and flexible payment option,” said Jonathan Low, E-commerce Lead of Strategy and Special Projects, TikTok Shop.

It is noted that Atome recently announced the first-of-its-kind Lender of Record partnership with Standard Chartered Bank in Singapore, which has resulted in over 100,000 transactions booked since April.

A similar partnership will also be rolled out to Malaysia soon.

This partnership, which is part of a ten-year multi-product strategic collaboration with the bank, enables Atome to grow and promote financial inclusion for its millions of customers across the region, while enhancing the bank’s access to retail customers.

Atome is Southeast Asia’s digital consumer financing platform, which offers users flexible payment, as well as smart saving and rewarding shopping options.

Available across thousands of online and offline brands across the region, Atome offers consumers choice, convenience and flexibility in how they choose to shop and pay.

Atome partners with Amazon to offer deferred payment option during checkout in Singapore